Reabold Resources Plc Further information in relation to the West Newton A-2 appraisal well

Reabold Resources Plc (LON: RBD), the AIM investing company which focusses on investments in pre-cash flow upstream oil and gas projects, has today provided further information in relation to the initial drilling results of the West Newton A-2 appraisal well, announced on 17 June 2019.

The West Newton A-2 well was designed to appraise the discovery identified by the West Newton A-1 well, drilled in 2013/2014 within the onshore UK licence PEDL183, which is expected to be further tested with an extended well test during Q3 2019. A Competent Person’s Report prepared by Deloitte LLP Calgary, as at 1 June 2017, for Connaught Oil and Gas Limited, confirmed Connaught’s resource assessment for the licence following the drilling of the discovery well, in accordance with the Petroleum Resource Management System 2007. The initial assessment of the West Newton discovery was summarised at the time of Reabold’s investment in Rathlin, on 5 November 2018.

Reabold’s interest in West Newton

Connaught was previously the 100 per cent. equity holder in Rathlin Energy (UK) Limited, which was in turn the 100 per cent. holder of the PEDL183 licence.

Rathlin currently has a 66.67 per cent. interest in PEDL183, with both Union Jack Oil plc and Humber Oil & Gas Limited holding 16.665 per cent. of the licence. Reabold Resources plc has an approximate 24 per cent. economic interest in PEDL183, via its approximate 36 per cent. equity interest in Rathlin, the operator of the West Newton A-2 appraisal well. Connaught currently holds an approximate 35 per cent. equity interest in Rathlin.

Disclaimer

You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular stock, share, security, portfolio of securities, transaction, investment strategy, or other matter. We openly disclose that we and our contributors may have interests in investments and/or providers of services referred to within the website and that we receive remuneration from certain of the companies referred to on this website.